WARRENVILLE, Ill., Nov. 19, 2015 /PRNewswire/ -- Sports Field Holdings, Inc. (SFHI) ("Company"), an innovative product development company engaged in the design, engineering and construction of athletic facilities and sports complexes, this week reported financial results for the third quarter ended September 30, 2015 ("Q3").
Q3 2015 Operational Highlights:
- Revenues climbed to over $2,000,000 for the third quarter
- Established a direct sales presence in California creating our 6th sales territory
- Installed one of the first playing fields with ZERO RUBBER at Montreat College in North Carolina
- Completed the installation of turf for John Brenkus' "Sports Science" studio field as seen on ESPN
Q3 Financial Highlights:
Revenue for Q3 was $2,092,083, as compared to $864,875 in the comparable period in 2014, an increase of $1,227,208 or 142%. The large increase in revenue was primarily due to the Company's continued roll-out of its aggressive sales and marketing campaign which continues to be successfully implemented throughout the United States. In addition, we have established a new full-time sales presence in California which will allow us to compete for future projects in the rapidly expanding synthetic turf market throughout the Southwest United States where years of severe drought conditions have caused a shift to synthetic grass in order to reduce water consumption.
Operating expenses for Q3 were $658,909, compared to $946,927 in the comparable period in 2014, an improvement of $288,018, additionally, this number was also reduced from prior quarter. These improved results continue to validate our 2015 Operating Plan by showing a continued reduction in operating costs while simultaneously increasing our top line revenue to our largest revenue quarter on record. Through constant improvement in our operational systems we will soon be able to make our way to true profitability.
The net loss for Q3 was ($767,100), or ($0.06) per basic and diluted share, as compared to a net loss of ($1,184,436), or ($0.09) per basic and diluted share for the comparable period in 2014.
The significant reduction in Net Loss is attributable to two key factors. First, the aggressively priced seed projects have nearly all been completed; second, our new projects have been priced at or above market prices. The combination of these two elements is allowing for improved margins. We expect this trend to continue as we now have a number of key showcase fields in place to serve as reference sites which we believe will lead to additional sales opportunities and increased market share.
"Advancement was made in Q3 on every front. We increased our sales presence across the United States as well as our funnel of sales opportunities. In addition, the improvements in operations personnel that were made in Q2 have already paid dividends by reducing our net loss numbers while simultaneously lowering our operating expenses. In 2015 we have now delivered 4 outdoor field projects and 2 indoor projects and all have been accepted and have become part of our exceptional reference list. Perhaps the most exciting accomplishment was in Product Development this quarter. At Montreat College we installed our first 'Rubberless' field. The feedback has been exceptional and is already leading to additional sales opportunities. The removal of all rubber from our products is allowing us to position our infill solution as 100% safe from known potential carcinogens," said Jeromy Olson, Chief Executive Officer.
About Sports Field Holdings, Inc.
Sports Field Holdings, Inc., through its wholly owned subsidiary Sports Field Engineering, Inc., is a product development, engineering and design-build construction company, engaged in the design, engineering, constructing, and construction management of athletic facilities, and sports complexes. Construction management of sports facilities and synthetic turf sales are the two primary lines of business. These lines of business can be categorized as design, development, and manufacturing of sports surfacing products and associated pre-engineered construction systems.
Safe Harbor Statement
Any statements that are not historical facts contained in this press release are "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions, the performance of management and our employees, our ability to obtain financing or required licenses, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file with the Securities and Exchange Commission. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.
Sports Field Holdings, Inc.
SOURCE Sports Field Holdings, Inc.